Malaysia’s Petronas doesn’t plan exploration arm IPO: report

KUALA LUMPUR (BestGrowthStock) – Malaysia’s state oil company Petronas (PETR.UL: ) does not plan to list its exploration arm, a company spokesperson was quoted by The Star newspaper on Saturday as saying.

“We have no plans to list Petronas Carigali or any other unit,” a Petronas spokesperson told the newspaper in response to comments by an investment bank analyst that the Petronas unit could be listed on the Malaysian stock exchange next year to attract foreign funds.

Analysts had said the IPO could be Malaysia’s largest with a potential market value of close to 150 billion Malaysian ringgit ($48 billion), prompting a sharp jump in the ringgit currency on Friday.

Bursa Malaysia (BMYS.KL: ), the stock exchange operator, said it had not received any new listing application by Petronas.

Petronas had earlier listed its chemical manufacturing unit Petronas Chemicals (PCGB.KL: ). Its shipping arm MISC (MISC.KL: ) also listed its ship and rig-building unit Malaysia Marine and Heavy Engineering Holdings Bhd (MHEB.KL: ) this year.

(Reporting by Liau Y-Sing)

Malaysia’s Petronas doesn’t plan exploration arm IPO: report